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Inflation in Africa, 1960–2015

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  • Franses, Philip Hans
  • Janssens, Eva

Abstract

We present various stylized facts about annual CPI based inflation in 47 African countries. Some stylized facts concern time series properties for each of the series but also across series. To achieve a useful and relevant dataset, we impute all missing values in the sample 1960–2015 using a new method based on postage stamps prices. This results in a balanced panel of annual figures from 1960 to and including 2015 for 47 countries.

Suggested Citation

  • Franses, Philip Hans & Janssens, Eva, 2018. "Inflation in Africa, 1960–2015," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 57(C), pages 261-292.
    • Handle: RePEc:eee:intfin:v:57:y:2018:i:c:p:261-292
    DOI: 10.1016/j.intfin.2018.09.005
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    References listed on IDEAS

    as
    1. Philip Hans Franses & Eva Janssens, 2017. "Recovering Historical Inflation Data from Postage Stamps Prices," JRFM, MDPI, vol. 10(4), pages 1-11, November.
    2. Philip Hans Franses & Marius Ooms & Charles S. Bos, 1999. "Long memory and level shifts: Re-analyzing inflation rates," Empirical Economics, Springer, vol. 24(3), pages 427-449.
    3. Philip Hans Franses & Namwon Hyung, 2005. "Forecasting time series with long memory and level shifts," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 24(1), pages 1-16.
    4. Aisen, Ari & Veiga, Francisco Jose, 2006. "Does Political Instability Lead to Higher Inflation? A Panel Data Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(5), pages 1379-1389, August.
    5. Mr. Emre Alper & Mr. Niko A Hobdari & Ali Uppal, 2016. "Food Inflation in Sub-Saharan Africa: Causes and Policy Implications," IMF Working Papers 2016/247, International Monetary Fund.
    6. Carlos Caceres & Marcos Poplawski-Ribeiro & Darlena Tartari, 2013. "Inflation Dynamics in the CEMAC Region," Journal of African Economies, Centre for the Study of African Economies, vol. 22(2), pages 239-275, March.
    7. Florence Barugahara, 2015. "The Impact of Political Instability on Inflation Volatility in Africa," South African Journal of Economics, Economic Society of South Africa, vol. 83(1), pages 56-73, March.
    8. José Augusto Lopes da Veiga & Alexandra Ferreira-Lopes & Tiago Neves Sequeira, 2016. "Public Debt, Economic Growth and Inflation in African Economies," South African Journal of Economics, Economic Society of South Africa, vol. 84(2), pages 294-322, June.
    9. Ndoricimpa Arcade, 2017. "Working Paper 249 - Threshold Effects of Inflation on Economic Growth in Africa: Evidence from a Dynamic Panel Threshold Regression," Working Paper Series 2359, African Development Bank.
    10. Michael Bleaney & Manuela Francisco, 2016. "Inflation and Fiscal Deficits in Sub-Saharan Africa," Journal of African Economies, Centre for the Study of African Economies, vol. 25(4), pages 529-547.
    11. Durevall, Dick & Loening, Josef L. & Ayalew Birru, Yohannes, 2013. "Inflation dynamics and food prices in Ethiopia," Journal of Development Economics, Elsevier, vol. 104(C), pages 89-106.
    12. Alberto Alesina & Eliana La Ferrara, 2003. "Ethnic Diversity and Economic Performance," Harvard Institute of Economic Research Working Papers 2028, Harvard - Institute of Economic Research.
    13. Steve H. Hanke and Alex K. F. Kwok, 2009. "On the Measurement of Zimbabwe’s Hyperinflation," Cato Journal, Cato Journal, Cato Institute, vol. 29(2), pages 353-364, Winter.
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    Cited by:

    1. Franses, Ph.H.B.F., 2020. "An introduction to time-varying lag autoregression," Econometric Institute Research Papers EI2020-05, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.

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    More about this item

    Keywords

    Inflation; Africa; Correlations; Predictability;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • N17 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Africa; Oceania

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